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US-based insurer Metlife Inc, through its group company, will acquire the combined 15.27 per cent stakes of I.G.E. (<keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>) Private Ltd (IGE) and <keyword id="4100068" type="General" weightage="100" keywordseo="elpro" source="Orion">Elpro</keyword> International Ltd (Elpro) in the <keyword id="12246295" type="General" weightage="20" keywordseo="pnb-metlife-india-insurance-company-ltd" source="Orion">PNB MetLife India Insurance Company Ltd</keyword> (<keyword id="1632925" type="General" weightage="80" keywordseo="pnb-metlife" source="Orion">PNB MetLife</keyword>) for about ₹1,906 crore cash. According to Elpro, it will receive a sum of about ₹1,424.69 crore while I.G.E. (India) will get about ₹481.32 crore. <keyword id="10435293" type="General" weightage="20" keywordseo="metlife-international-holdings-llc" source="Orion">MetLife International Holdings LLC</keyword> has entered into a share purchase agreement with I.G.E. (India) and Elpro for the purpose. Elpro said the tentative date for completion of the transaction is November 30, 2021 subject to regulatory approvals. With the purchase of the additional stake, MetLife's stake in <keyword id="47268" type="General" weightage="80" keywordseo="pnb" source="Orion">PNB</keyword> MetLife will go up to 47.325 per cent. "MetLife's joint venture in India has all of the hallmarks we look for in deploying capital to create long term shareholder value: a track record of consistent execution, an extensive distribution network, strong growth and an advantaged position in one of the world's most attractive life insurance markets," MetLife Asia Regional President, Kishore Ponnavolu, said. "I am pleased that this transaction supports MetLife's continued growth in India and will enable us to deliver even more value for our customers, partners and shareholders. The Dabriwala family has been a strong supporter of PNB MetLife and valued members of its board, and we thank them for their contribution to the company." Elpro Director Surbhit Dabriwala said: "We have enjoyed a strong relationship with MetLife for close to 20 years and seen PNB MetLife grow. Our involvement in PNB MetLife is part of a long tradition at Elpro of working with leading multinational partners in India, including in past ventures with GE and FANUC." On Tuesday morning, Elpro's shares shot up to ₹72.65 after closing at ₹60.55 on Monday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/meat-and-seafood-brand-licious-is-now-worth-over-a-billion-dollars/articleshow/86775398.cms">Meat and seafood brand Licious is now worth over a billion dollars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/oneplus-10-pro-is-rumoured-to-get-5x-optical-zoom-in-addition-to-a-periscope-lens/articleshow/86775266.cms">OnePlus 10 Pro is rumoured to get 5x optical zoom in addition to a periscope lens</a>

MetLife acquire stakes of Elpro and IGE's in PNB MetLife for ₹1,906 crore

US based insurer <keyword id="109210" type="COMPANY" weightage="100" keywordseo="Metlife">Metlife</keyword> is planning to exit India insurance venture so it can concentrate on its home market where there has been a series of challenges for the company. The Indian venture has seen a tremendous growth in the past few years after <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> became a 30% stakeholder in 2013. 
 But the US company is among the few overseas investors that didn't take advantage of the rise in the limit on foreign holding in insurance to 49% from 26%, a shift that has sparked consolidation in the industry. <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> Metlife is valued at about Rs 6,500 crore, said two people aware of the development, with an embedded value of Rs 2,100 crore. 
 
"Metlife is planning to sell its (26%) stake in the Indian life insurance venture. Discussions have begun with global investment banks. Metlife is looking to globally restructure its businesses,” a person aware of the development told ET. 
 A <keyword id="155066" type="CITY" weightage="20" keywordseo="MetLife-Inc">Metlife Inc</keyword> spokesperson said, "As a matter of policy, we do not comment on market speculation. India is a high potential market and we are pleased to see how it is developing. It's not clear whether other investors will look to exit. They include the M Pallonji group, which has a 17.15% stake, <keyword id="1387861" type="COMPANY" weightage="20" keywordseo="Elpro-International">Elpro International</keyword> (12.75%), IGE (8%) and <keyword id="97186" type="CITY" weightage="20" keywordseo="JK-Bank">J&amp;K Bank</keyword> (5.08%). Chintalapati Holdings exited in 2013 by selling its stake to PNB, which has a lock-in of five years or till a premium income of Rs 5,500 crore is generated, whichever is earlier. PNB has so far generated about Rs 1,600 crore of premium income.” 
 
In a recent visit by Metlife’s senior management to India, it was decided that Metlife will exit the Indian Market. "Metlife's senior management visited India recently and they have decided to exit this market owing to the poor performance of the JV. They have hired an investment bank and are reassessing the market,” the person aware of the development told ET. 
 
Metlife's India unit had share capital of Rs 2,128 crore at the end of March. Embedded value is equivalent to the share capital, which is half of what is required for a possible listing, said one of the persons cited above, thus ruling out that avenue. Embedded value is the present value of future profits. 
(image: Indiatimes)

Metlife plans to exit India insurance venture, here's why

The ongoing Covid-19 pandemic has created serious concerns about the <keyword id="6354774" type="General" weightage="20" keywordseo="mental-health" source="Orion">mental health</keyword> of children and their families, says <keyword id="427133" type="General" weightage="20" keywordseo="UNICEF-report" source="Orion">UNICEF report</keyword> on <keyword id="154477" type="General" weightage="100" keywordseo="mental" source="Orion">mental</keyword> health 'The States of the World's Children 2021'. The report says that around 14 per cent of 15 to 24-year-olds in India, or 1 in 7, have often feeling depressed. Union Health Minister <keyword id="2607815" type="General" weightage="20" keywordseo="mansukh-mandaviya" source="Orion">Mansukh Mandaviya</keyword> on Tuesday released the report here. The report has illustrated in stark terms how events in the wider world can affect the world inside our heads. In the <keyword id="56000" type="General" weightage="20" keywordseo="unicef" source="Orion">UNICEF</keyword> survey across 21 countries, only 41 per cent of young people in India were willing to seek support for mental health problems, compared to an average of 83 per cent for 21 countries. Releasing the report, minister Mandaviya said, "Mental health has widely been discussed in our Sanatan culture and spirituality. The mutual development of mind and body has been explained in our texts. A healthy mind resides in a healthy body. We are very happy that today UNICEF has released a global report on the mental health of children". The Union Minister added further that as the trend of nuclear family instead of joint family has increased in our society, mental health problems have become frequent in children. "Today parents are not able to give enough time to their child, so we need to talk about mental health," he said, and added, "We have been told that around 14 per cent of children worldwide have a mental health problem. It has to be taken seriously." Mandaviya said, "To build a better and developed society, it is necessary to keep monitoring the mental health of children from time to time. For this, arrangements will also have to be made for better mental health of teachers in schools. Because, children trust their teachers the most". Sharing his experience, the minister said that he as the health minister faced mental pressure during the second wave. He continued saying, "People's problems shook me. After that I started doing yoga and cycling in the morning. It is my request to all that you also examine the problems of your mind and work for its betterment. Spend enough time at home with your children. Talk to them in a friendly atmosphere." Children in India seem reticent to seek support for mental stress, according to a survey conducted by UNICEF and Gallup in early 2021 with 20,000 children and adults in 21 countries. Only 41 per cent of young people between 15-24 years of age in India said that it is good to get support for mental health problems, compared to an average of 83 per cent for 21 countries. As per the report, India was the only one of 21 countries where only a minority of young people felt that people experiencing mental health issues should reach out to others. In every other country, a majority of young people (ranging from 56 to 95 per cent) felt that reaching out was the best way to deal with mental health issues. The survey findings, which are previewed in The State of the World's Children 2021, also found that around 14 per cent of 15 to 24-year-olds in India, or 1 in 7, reported often feeling depressed or having little interest in doing things. The proportion ranged from almost one in three in Cameroon, one in seven in India and Bangladesh, to as low as one in ten in Ethiopia and Japan. Across 21 countries, the median was one in five young people. The report notes that as the Covid-19 Pandemic heads into its third year, the impact on children and young people's mental health continues to weigh heavily. Through the pandemic, children have had limited access to support from social services due to lockdown measures. The disruption to routines, education, recreation, as well as concern for family income and health, is leaving many young people feeling afraid, angry, and concerned for their future. According to data from UNESCO, over 286 million children up to grade 6 were out of school in India between 2020-2021. UNICEF's rapid assessment in 2021 found that only 60 per cent could access digital classrooms. Many would not be able to continue their education. The report notes that even before the Covid-19 crisis, children and young people carried the burden of mental health conditions without significant investment in addressing them. According to the latest available estimates, more than 1 in 7 adolescents aged 10-19 is estimated to live with a diagnosed mental disorder globally. Of these, South Asia had the highest numbers of adolescents with mental disorders, according to the report. In India, children with mental health disorders are mostly undiagnosed and hesitant in seeking help or treatment. According to the Indian Journal of Psychiatry in 2019, even before the pandemic, at least 50 million children in India were affected with mental health issues; 80 - 90 per cent have not sought support. Meanwhile, wide gaps persist between mental health needs and mental health funding. India has spent only 0.05 per cent of its health budget annually on mental health, according to Indian Journal of Psychiatry 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-shares-jump-after-government-proposes-to-withdraw-13000-crore-demand-for-spectrum-usage-charges/articleshow/86775903.cms">Airtel, Vodafone Idea shares jump after government proposes to withdraw ₹13,000 crore demand for spectrum usage charges</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/metlife-acquire-stakes-of-elpro-and-iges-stakes-in-pnb-metlife-for-1906-crore/articleshow/86775701.cms">MetLife acquire stakes of Elpro and IGE's stakes in PNB MetLife for ₹1,906 crore</a>

One out of seven in 15-24 years of age often feel depressed in India, says  UNICEF report

New Delhi, Feb 3 () State-owned Punjab National Bank is seeking IRDAI forbearance on cutting down stake in Canara HSBC OBC Life Insurance, which will come to the lender's fold after its merger with Oriental Bank of Commerce (OBC), sources said.
OBC currently holds 23 per cent stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51 per cent stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26 per cent.
As per the extant guidelines, one promoter cannot hold more than 10 per cent stake in two insurance ventures, sources said.
After the merger of OBC, expected in April, PNB will automatically get 23 per cent stake in Canara HSBC OBC Life Insurance also.
Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent.
Founded in 2001, PNB Metlife's other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji &amp; Company (18 per cent).
The sources said PNB has requested the regulator to provide additional time for cutting down or offloading its stake in the life insurance firm that will come to its fold by merger of another lender.
In another case, the merger proposal involving Union Bank of India, Andhra Bank and Corporation Bank, Andhra Bank holds 30 per cent stake in IndiaFirst Life Insurance whereas Union Bank holds 23 per cent stake in Star Union Dai-ichi Life Insurance.
In this case again the merged entity led-by Union Bank of India will have more than 10 per cent stake in two life insurance companies.
In the biggest consolidation exercise in the banking space, the government in August 2019 had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.
Keeping proposed merger in mind, Insurance Regulatory and Development Authority of India (IRDAI) last month said group health insurance policies of customers of the public sector banks slated to be merged with other PSBs will continue to be serviced by insurer companies till the end of the policy period.
"Upon merger of these PSBs, the underlying group health insurance policies of the customers of the merged banks shall continue to be serviced by the respective insurance companies which issued the policies till the end of the policy period," the insurance regulator had said in a circular.
The insurance companies will make suitable arrangements with the acquiring banks in this regard, it added.
IRDAI said the guidelines have been issued in order to protect the interests of the group insurance policyholders of the merged banks. DP BAL

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MetLife acquire stakes of Elpro and IGE's in PNB MetLife for ₹1,906 crore

IANS

Metlife plans to exit India insurance venture, here's why

BI India Bureau

One out of seven in 15-24 years of age often feel depressed in India, says UNICEF report

IANS

PNB seeks IRDAI forbearance for paring stake in Canara HSBC OBC Life

PTI

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